Question 2 (10 marks) Ace Accounting’s financial records include the following accounts: Advertising Expense Accounts Payable...
Question 2
(10 marks)
Ace Accounting’s financial records include the following accounts:
- Advertising Expense
- Accounts Payable
- Andy Ace, Withdrawals
- Cash
- Software
- Rent Expense
- Bank Loan
- Accounting Service Revenue
- Accounts Receivable
- Andy Ace, Capital
- Office Furniture
- Salary Expense
Required:
- Determine if the above accounts are assets (A), liabilities (L), owner’s equity (OE), revenue (R), or expense (E) accounts.
- Determine individually if the above accounts would appear on a balance sheet (B), income statement (I), statement of owner’s equity (SOE), or cash flow statement (CF).
Homework Answers
Answer A):-
Assumption: Software life is more than 2 years.
Answer B):-
Add Answer to:
Question 2
(10 marks)
Ace Accounting’s financial records include the following
accounts:
Advertising Expense
Accounts Payable...
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